U.S. President Barack Obama’s nomination of Janet Yellen to become the next head of the Federal Reserve would make history — she would be the first woman to lead the institution in its 100 years. Her confirmation hearing begins today.
The 67-year old Vice Chairman of the Fed has been a powerful advocate of aggressive action to drive down unemployment. Her main challenge ahead will be winding down the extraordinary policy measures the Federal Reserve has taken in the last five years to stem the financial crisis. If confirmed by the U.S. Senate, she would replace Ben Bernanke, whose second four-year term expires January 31. Blouin News’ Eric Gonon looks at Yellen’s nomination, her management style, and the economy she would inherit at the helm of the Fed.